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Lost Spirits Distillery raises $2.2m for Las Vegas site
California-based Lost Spirits Distillery has secured US$2.2 million through crowdfunding to open an immersive distillery and visitor experience in Las Vegas by late 2020.
A dining room at Lost Spirits Distillery in Los Angeles (photo credit: Wonho Frank Lee)
Lost Spirits uses patented technology to recreate the effect of 20 years of barrel ageing in a laboratory to make whisky, rum and brandy.
Lost Spirits said it now holds the title of ‘most oversubscribed offering’ after making crowdfunding history on We Funder by raising US$2.2m “in a matter of days” after revealing plans to build a “bigger and better” site in Las Vegas.
On the We Funder page, Lost Spirits said: “While 80% of the funds for [the Las Vegas] project are coming from a development deal, 20% will be provided via the companies fundraising. Funds raised in this offering, along with operating profits will be covering Lost Spirits’ portion of that agreement along with any cost overruns or working capital needs.”
The new Las Vegas experience will be built on the grounds of Area 15, an entertainment complex offering live events, immersive activations, art installations, bars and restaurants.
Winston Fisher, CEO of Area 15, said: “Lost Spirits Distillery takes its guests on a dream-like tasting experience, guiding them from one sensory experience to another while interrupting the way people typically interact with their product, making them a perfect fit for Area 15.”
The 35,000-square-foot space will be a fully functioning distillery, designed to showcase a series of new spirits developed specifically for Las Vegas. Additional details will be announced this summer.
According to its We Funder page, Lost Spirits plans to open the site six days a week with the aim of taking its revenue from US$4.5m to more than US$30m annually.
“We are so grateful to all our new shareholders and to Area 15 for giving us a chance to build our dream facility in Las Vegas,” said Bryan Davis, co-founder and CEO of Lost Spirits.
The producer hopes to continue to open more facilities, expand into major markets globally, and grow its spirits business into a multi-billion-dollar operation. The company also said it plans to go public within 24-36 months.
Lost Spirits opened its “experiential” distillery tour and visitor experience in Los Angeles in 2016, and added a restaurant to its site in 2019.